Israel's StoreDot moves closer to 2024 production of fast-charge batteries

TDK

07/09/2022 09:00

By Paul Lienert
    Sept 7 (Reuters) - Israeli startup StoreDot has shipped
production-ready samples of its fast-charge electric vehicle
battery cells to strategic partners and potential customers as
it moves closer to a planned 2024 production date, the company
said on Wednesday.
    Ten-year-old StoreDot aims to produce advanced batteries
that can deliver 100 miles (161 km) of range on a five-minute
charge in 2024. The company’s lithium-ion batteries use
silicon-rich electrodes, enabling the cells to store more energy
and charge more quickly.
    Battery experts have said the development of fast-charge
capability could enable EV manufacturers to install smaller
battery packs and thus lower the cost of their vehicles.
Reducing battery charge times to match the amount of time it
takes to refuel a combustion-engine vehicle could also make EVs
more attractive to potential customers.  urn:newsml:reuters.com:*:nL1N2YH1RH
    Based in Herzliya, StoreDot is backed by such corporate
investors as Mercedes-Benz  MBGn.DE , BP Plc  BP.L , VinFast,
Geely's Volvo Cars  0175.HK , Polestar  INBSCL.UL , Samsung
 SAGR.UL , TDK  6762.T  and Ola Electric  OLAE.NS , as well as
Chinese manufacturing partner EVE Energy  300014.SZ .
    Since its founding in 2012, StoreDot has raised $269
million, at a valuation of $1.3 billion, according to investor
website PitchBook. It completed a Series D round of funding
earlier this year.
    StoreDot is shipping 30Ah pouch cells to more than a dozen
companies for validation testing. Eventually, it aims to get the
charging time down to 3 minutes for 100 miles of range by 2028
and 2 minutes by 2032.

 (Reporting by Paul Lienert in Detroit
Editing by Matthew Lewis)
 ((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))